Inner-west sales continue to shine

Philip Hopkins

THE corridor from Douglas Parade in Newport to Hopkins Street in Footscray in Melbourne's inner west has risen in popularity, with recent sales totalling more than $60 million.

Colliers International agent Nathan Bingham said high-tech start-ups worth more than $40 million had been established there in the past 18 months. ''This precinct represents one of the great opportunities for growth in the Melbourne market in the next 24 months,'' he said.

Recent sales by Colliers included 4 Hopkins Street, Footscray, for $21 million; 18 Hopkins Street, Footscray, for $6.5 million; and 99 Moreland Street, Footscray, for $6.35 million. Colliers also recently negotiated a new lease of a purpose-built container handling centre at 407 Douglas Parade in Newport for a record rental rate of $595,000, and was involved in marketing several other premium properties in the inner-west corridor.

Other major movements in this market included a new 20-plus unit development at Hall Street, Spotswood, called Kubis; a proposed office development on Kensington Road by Qanstruct and the Gibb Group; and the sale of 2-8 Parker Street in Footscray.

Agent Cameron Hunter said Yarraville in particular was evolving strongly. A new high-tech warehouse was being built at 131 Hyde Street - Hyde Business Park. Demand for this kind of stock in this area had motivated the developers, Peter and Paul De Campo, to expand stage one of the project from seven units to 13. Completion of stage one is scheduled for June.

"Seven out of the 13 have already been sold off-the-plan and we are in negotiations for two more sales," Mr Hunter said. Units in the first stage of Hyde Business Park range in size from 114 sq m to 173 sq m, with prices starting from $375,000. The development is only four kilometres from the Melbourne CBD and has uninterrupted city views.